The Federal Reserve Bank of Dallas has posted this update on the Houston economy...
"... Tighter lending standards are the chief culprit in pushing down home sales in Houston every month since the subprime mortgage market blew up last August. The June existing home sales, for example, were down 15 percent from 12 months ago. Although local job growth has slowed, continued economic expansion has been a key element in stabilizing prices and in the orderly transition to a lower sales path..."
Federal Reserve Bank of Dallas - June 2008
And yes. The tighter lending standards are making it more difficult to close our real estate transactions, inspite of a relatively strong Houston economy.